December 21, 2007
SEC Investigates Inflated Appraisals at Washington Mutual
The SEC is investigating Washington Mutual, the nation's largest S&L and one of the largest home-mortgage lenders, on issues related to inflated appraisals on home mortgages. Last month the New York State Attorney General filed a lawsuit that, while not naming WaMu as a defendant, alleges that it put pressure on an appraisal company to inflate property valuations. WaMu said that it is cooperating with the SEC inquiry and that an internal investigation shows there was no systematic effort to inflate appraisals. WSJ, SEC Probes WaMu on Appraisals.
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